$33.6 Million Awarded by the Federal Home Loan Bank of New York for Exactly 57 Affordable Housing Initiatives
The Federal Home Loan Bank of New York announced that it has awarded $33.6 million in subsidies to fund 57 affordable housing initiatives throughout New Jersey, New York, Maryland and Pennsylvania. These awards will result in the creation or rehabilitation of 2,837 affordable housing units, including more than 2,200 units dedicated to very low-income housing and nearly 2,700 units of affordable rental housing. Furthermore, the awards will improve community development by providing more than an estimated $486 million in development costs to be generated from these initiatives. Congress mandates that the Bank forego 10 percent of its earnings each year to support neighborhood housing and economic development initiatives. The Bank’s Affordable Housing Project financing is combined with other funding sources to create housing for moderate-, low- and very low-income families. Program awardees receive this funding through a competitive application process. The New Jersey communities that will benefit from the funds include: Allendale, Atlantic City, Bayonne, Brick, Camden, Jersey City, Millstone Township, Newark, Orange, Somerset, Trenton, Vineland, Weehawken and Woolwich. The New York communities include: Albany, Brooklyn, Buffalo, Canandaigua, Clarkson, East Patchogue, Henrietta, Kirkville, Ithaca, Mt. Vernon, New York, New Rochelle, Niagara Falls, North Tonawanda, Norwich, Ossining, Rochester, Rome, Seneca Falls, Syracuse and Webster. Baltimore, Maryland and Philadelphia Pennsylvania will benefit from these funds as well.
By: Chase Sandler, Law Clerk
[Source: Loan Safe]